Serve Robotics (NASDAQ:SERV) Shares Down 10% – Should You Sell?

Serve Robotics Inc. (NASDAQ:SERV) shares were down 10% on Monday . The company traded as low as $6.58 and last traded at $6.69. Approximately 1,494,349 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 11,481,872 shares. The stock had previously closed at $7.43.

Analyst Ratings Changes

Separately, Northland Securities set a $23.00 target price on shares of Serve Robotics in a research note on Tuesday, February 18th. Two investment analysts have rated the stock with a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Strong Buy” and an average target price of $19.50.

Serve Robotics Trading Down 10.1 %

The company has a market cap of $295.91 million and a PE ratio of -5.57. The firm’s fifty day moving average is $15.29 and its 200 day moving average is $11.68.

Insider Activity at Serve Robotics

In related news, CEO Ali Kashani sold 2,500 shares of the stock in a transaction on Friday, December 13th. The stock was sold at an average price of $12.48, for a total value of $31,200.00. Following the completion of the transaction, the chief executive officer now directly owns 3,329,498 shares of the company’s stock, valued at approximately $41,552,135.04. This represents a 0.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders have sold 93,031 shares of company stock valued at $1,613,030. 21.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Serve Robotics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Uber Technologies Inc purchased a new stake in Serve Robotics during the 4th quarter valued at about $71,534,000. Vanguard Group Inc. boosted its holdings in shares of Serve Robotics by 74.6% during the 4th quarter. Vanguard Group Inc. now owns 1,274,303 shares of the company’s stock worth $17,203,000 after purchasing an additional 544,537 shares during the last quarter. Exchange Traded Concepts LLC acquired a new stake in shares of Serve Robotics in the fourth quarter valued at approximately $9,066,000. Legal & General Group Plc acquired a new position in Serve Robotics during the fourth quarter worth $6,629,000. Finally, Captrust Financial Advisors acquired a new stake in shares of Serve Robotics in the 4th quarter worth $3,672,000.

About Serve Robotics

Serve Robotics Inc designs, develops, and operates low-emission robots that serve people in public spaces with food delivery in the United States. It builds self-driving delivery robots. The company was formerly known as Patricia Acquisition Corp. and changed its name to Serve Robotics Inc in July 2023.